BP Alaska plans to bring two new drill rigs to the North Slope by 2016, part of an additional $1 billion investment the company envisions over the next five years following the state’s rollback of oil production taxes.

BP is the second of the North Slope’s three major players, after ConocoPhillips, to announce plans following passage of the tax overhaul that was signed into law by Gov. Sean Parnell last month. Exxon Mobil Corp. hasn’t made its intentions public.

Besides the new drill rigs, which BP said will come with a combined 200 jobs, the company said it has the support of the other working-interest owners of Prudhoe Bay, ConocoPhillips and Exxon, to start evaluating an additional $3 billion in projects on the western end of the Prudhoe. Those plans include expansion of processing facilities and existing pads, construction of a new drill pad and drilling more than 110 new wells. For projects at Prudhoe, all three majors need to buy in.

Janet Weiss, president of BP Alaska, said it will take about three years to complete what’s known as the appraisal phase, do engineering work and secure regulatory approvals.